Transatlantic giant Mayer Brown Rowe & Maw (MBRM) is shaking up its partner compensation as it puts global expansion at the top of its agenda.
The firm is to adopt a UK-style compensation system for partners, specifically designed to encourage collegiate behaviour. The new system will begin in January 2007.
Previously MBRM operated a retrospective system where partners were allotted base pay at the beginning of the calendar year, which was augmented in December according to performance.
Under the new system, partners will be put into 20 bands and given a set number of points, with the value of those points dependent on the firm’s overall financial performance – a system more akin to most UK law firms.
The move comes a week after the announcement of a new management team, consisting of general counsel James Holzhauer, UK senior partner Paul Maher and Washington DC head Ken Geller.
Paul Maher said: “While individual entrepreneurs have done this firm a lot of good, in an increasingly complex and more competitive environment, it seems pretty obvious that a more focused team-based approach is a better way to go.”